In a move to support trade and industry growth, the Indian government has revised the tariff rate on flat-rolled stainless steel products (600mm or more in width) from 22.5% to 15%, effective February 2, 2025, as part of Budget FY26. However, the basic customs duty (BCD) remains unchanged at 7.5%, ensuring no impact on the overall effective duty.
India imported 1.15 million tonnes (mnt) of stainless steel finished flat products in CY24, marking a 15% increase from CY23.
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